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MLS Market Update: December 2016

Home Sales and Prices Still Climbing Home sales around Western Washington outgained new listings again in October, fueling competition for scarce inventory and pushing prices higher. Some seasonal slowdown is still expected – and the Nov. 8 elections may be in play as well, according to brokers at Northwest Multiple Listing Service who commented on…




What’s Coming in 2017, Rising Rents & What Housing Shortage?

Millennials and boomers to dominate the market: These two giant demographics are expected to fuel demand for at least the next decade in the housing market. Realtor.com® has lowered its prediction of millennial market share to 33 percent of buyers due to the rise in rates. Still, millennials and baby boomers are expected to comprise…



Home Data, Trump Effect & Tech Hotline

The headline for NWMLS’s October report on housing prices reads “Home Sales and Prices Still Climbing Around Puget Sound,” which might as well just be the boilerplate headline they use every month. Saying that the most recent month was a good one for sellers and rough one for buyers seems pointless these days. You just…




More Million Dollar Homes & Slower Drivers In Seattle

The blazing housing market is pushing a growing number of “normal” houses in middle-class neighborhoods into a price category once reserved for luxury estates: The Seattle area this year has already smashed its previous full-year record for sales of million-dollar homes. Not just mansions anymore: Record number of Seattle-area homes fetching $1 million – Seattle…




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MLS Market Update: November 2016

Home Sales and Prices Still Climbing Around Puget Sound Home sales around Western Washington outgained new listings again in October, fueling competition for scarce inventory and pushing prices higher. Some seasonal slowdown is still expected – and the Nov. 8 elections may be in play as well, according to brokers at Northwest Multiple Listing Service…




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Down Go HUD Condo Rules, FSBO Sales & Flip Flop Stars

You might think that the internet and today’s seller’s market is coaxing an unusually large share of homeowners into selling without an agent. And for those homesellers who list with agents, you might guess that they’re favoring the limited-service variety — commonly referred to as “discount agents” — more than ever. But you’d be dead wrong on both counts… (read more) FSBO…




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Lots Of Cranes, Rezones, Homebuyer Trends & Haunted Places In Seattle

Seattle is — for the moment, at least — the crane capital of America. As the city transforms with taller and taller buildings, Seattle this summer had 58 construction cranes reshaping the skyline — more than any other city in the country, according to recent data. Seattle skyline is tops in construction cranes — more…




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Amazon Hiring… Up, Median Income… Up & Chinese Buying Trend Is… Up

Think there are too many Amazonians in Seattle? Well, brace yourself. Washington’s Employment Security Department says that between May and August, Amazon.com posted 11,042 job openings online in King County, double the number from the same period last year. The numbers mean that the tech and retail giant’s Pantagruelian appetite for workers dwarfs that of…




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Tech Corridor, 2017 Forecast & Shoreline Rezones For Sound Transit

Seattle and Vancouver are like fraternal twins separated at birth. Both are bustling Pacific Northwest coastal cities with eco-conscious populations that have accepted the bargain of dispiriting weather for much of the year in exchange for nearby ski slopes and kayaking and glorious summers. Yet 140 miles of traffic-choked roads and an international border divide…




No One Will Move, The LLC Next Door & Cottage Rules

Even with another hint of a late-summer cooling in home prices, the Seattle area real-estate market has still gotten so intense there often aren’t enough inspectors and appraisers to keep up with the demand. That’s creating extra risk and cost for homebuyers desperate to get an edge in bidding wars. At best, the staffing shortage…




Teardowns & Letters

As the Seattle area zips through a historic building boom, one of the most visible changes is a surge in bulldozing old, small houses to make way for big, new homes that typically carry much higher price tags. Seattle on average now sees one home teardown every day. More houses have been demolished and replaced…




Down Goes Vancouver & Up Goes Sound Transit

As crazy as Seattle’s real estate market has been, Vancouver’s is arguably more extreme – and may be imploding in an extreme fashion. What else would you call a 20 percent drop in one month? How Vancouver’s market implosion affects Seattle – Curbed Shoreline’s 145th Street Station Is Moving North – The Urbanist Rent-to-Own Homes:…




Best July Ever, Condo Flipping & Grand Bargains

The Puget Sound region’s housing market is still booming and last month recorded its best-ever July, according to a new report that the Northwest Multiple Listing Service issued Thursday. A severe inventory shortage has resulted in an unbalanced market, but now more houses and condos are being put up for sale. It was the best…




Growth questions…

Talk to just about anyone about local real-estate prices and there’s a good chance you’ll hear this: Seattle is becoming the next San Francisco. Sure, housing prices and rents are skyrocketing here, but are we really doomed to a fate where million-dollar homes and $5,000-a-month rents will soon be the norm? Don’t count on it….




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Bad News In Rents, Good News In Utility Costs & It’s Not A Bubble

Home prices have hit record highs in some major U.S. metropolitan areas, and house-flippers are behaving like it’s 2005: It’s no wonder people are chattering about another housing bubble. But residential real estate isn’t in a speculative bubble, industry observers contend. Instead, a low inventory of available homes is driving prices higher—prices, however, will eventually recede…




Criminal Trespass By Banks & Time To Refi

In a ruling this month, the Washington Supreme Court found that action illegal — a decision that clears the way for a federal class-action case that Jordan brought on behalf of at least 3,600 borrowers in the state, and one that could have broad ramifications on how some lenders respond when homeowners miss payments. “This…




Evil Seattle Home Prices, Historic Pop Growth & What Is A Limited Pre-Inspection

As home prices and rents continue to soar faster in the Seattle area than just about anywhere else in the nation, the city and its neighbors have set new highs for housing costs. Seattle’s median single-family home cost $666,500 in June, easily beating out the record set in February, according to figures released Wednesday by…




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U District Rezone, High Efficiency Dwellings & Is KC Affordable?

Seattle’s Office of Planning and Community Development (OPCD) released draft recommendations on the University District rezone and urban design proposal in late May. The draft recommendations consist of a large breadth of changes to development regulations in the neighborhood and substantially increase development capacity. Most of the proposed changes would affect the core of the…




Local Companies Buy & Settle

In separate statements, Zillow and Move said the settlement was an “amicable resolution” and that they intended to put the dispute behind them. Both companies declined to comment beyond the statements. As part of the settlement, neither company admitted wrongdoing. Zillow settles suit by rival for $130 million – Seattle Times Zillow Boosts Accuracy With…




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Bidding Wars, Skyrocketing Prices = Bubble?

In today’s ultracompetitive local housing market, there are now more home-bidding wars than at any point this decade. The result? For the first time during the economic recovery, the majority of homes are selling for above the list price in Seattle and surrounding cities. It’s an inescapable reality from West Seattle to the Eastside: A…




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Seattle To Host Special Olympics USA Games & Other Local Headlines

Seattle has been selected to host the 50th anniversary Special Olympics USA Games in July 2018. The quadrennial event – which celebrates athletes with disabilities – will bring tens of thousands of people and hundreds of millions of dollars to the region. “We look forward to welcoming 3,500 athletes, their families, friends and supporters to…